- Megado Gold (MEG) updates the market regarding drilling at its Chakata Gold Project in southern Ethiopia
- Six diamond holes were drilled at the GT Prospect to target mineralisation along strike and down-dip from previously identified gold mineralisation
- Drilling will also follow up on historical trench results where no known drill testing at depth has been undertaken
- Grades peaked at 3.24g/t gold and the results will be followed up with work planned to begin in September
- Shares in Megado are up a healthy 13.6 per cent on the market and are trading at 12.5 cents at 2:10 pm AEST
Megado Gold (MEG) has updated the market on drilling at its Chakata Gold Project in southern Ethiopia.
The Chakata Project covers an area of 62 square kilometres lying five kilometres south of the Lega Dembi and Sakaro mines, which have mined more than three million ounces of gold.
Six diamond holes, for 1122 metres, were drilled at the GT Prospect to target mineralisation along strike and down-dip from previously identified gold mineralisation.
Drilling also followed up on historical trench results, of up to 2.57 grams of gold per tonne (g/t), where no known drill testing at depth has been undertaken.
Results include 11 metres at 2.88g/t gold from 22 metres including five metres at 3.42g/t gold.
Megado will now follow up on these results with work planned to begin in September.
CEO and Managing Director Michael Gumbley is pleased with the results received.
“Megado is thrilled with the Chakata Gold Project’s maiden drilling results from the GT Prospect,” Mr Gumbley said. “The results confirm Megado’s belief that Chakata has the potential to host significant gold deposits and support its thesis that previous work at the site misinterpreted the tenement’s geology.
“The company will be eagerly following up these results with a targeted plan to commence in September 2021.”
Shares in Megado were up a healthy 13.6 per cent on the market and trading at 12.5 cents at 2:10 pm AEST.